Under a Contract for Deed, the Buyer makes regular payments to the Seller until the amount owed is paid in full or the Buyer finds another means to pay off the balance. The Seller retains legal title to the property until the balance is paid; the Buyer gets legal title to the property once the final payment is made. If the Buyer defaults on the payments, the Seller can repossess the property. In some states, a Seller who repossesses a property must reimburse the Buyer for the fair value of improvements to the house, as well as a reasonable amount for rent.
Contracts for deeds are valid options, and even the primary option for Seller financing in most states. The process typically starts as a negotiation between the Buyer and Seller. Generally, stock and boilerplate terms cannot apply. The average length of a Contract for Deed is five years, but it can be for any amount of time that the Buyer and Seller agree on. Interest rates on a Contract for Deed are not regulated, so they can be as high or as low as the Buyer and Seller can agree on.
Through the search and the examination, title problems like these are disclosed and can be cleared up when possible. Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate and will ensure that you receive a clear title. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
10 S. LaSalle, Suite 2920
Chicago, IL 60603
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